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Head and shoulders above the rest

Asking prices for properties have surged to a new record level – but new sellers are staying away, starving the market of stock. Rightmove said that asking prices for properties new on the market had shot up 3% – the highest ever rise in June equating to £8,460 – to £294,351.

However, the anticipated post-election rise in new seller numbers has failed to materialise. Supply of properties coming to the market is down 8.5% compared with a year ago and down 3.9% on a monthly basis. It means that fewer properties have come on to the market after the election than before it.

The average number of properties for sale per estate agency branch in May was 63 – compared with 70 in May last year. By contrast, buyer demand looks to be high, with Rightmove reporting the busiest ever May on its website, with 115m visits, equal to every adult in the UK visiting twice in the month.

The busiest-ever single day for visits to Rightmove was on Tuesday, May 19. According to Rightmove, asking prices for properties likely to be bought by first-time buyers have gone up the most in the last year.

By sector, first-time buyer asking prices are £175,628, up 6.2% from a year ago; second-stepper asking prices are £242,380, up 4.2%; and top of the ladder asking prices are £543,065, up 2.9%.

At JP & Brimelow Chorlton Ltd myself and my team are here to help you with your buying and selling needs. Please don’t hesitate to contact me or my Sales department on 0161 882 2233 for a FREE MARKET APPRAISAL of your home or for any assistance.

'With the new day comes new strength and new thoughts.'

Kind regards

Eddie Ellis MNAEA
JP & BRIMELOW Chorlton

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